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business
principles of financial accounting

Questions and Answers of Principles Of Financial Accounting

Valent Inc. leases motor vehicles. The following selected transactions relate to certain securities acquired as a long-term investment by Valent Inc., whose fiscal year ends on December
Selected transactions completed by Delhome Products Inc. during the fiscal year ending July 31, 2008, were as follows:a. Issued 12,500 shares of \(\$ 30\) par common stock at \(\$ 65\), receiving
General Electric Capital, a division of General Electric, uses long-term debt extensively. In early 2002, GE Capital issued \(\$ 11\) billion in long-term debt to investors, then within days filed
Jenkins Pharmaceuticals develops and produces prescription medications primarily for use in hospitals. The company has an outstanding \(\$ 100,000,000,30\)-year, \(12 \%\) bond issued dated July 1,
During fiscal year 2004, Georgia-Pacific called the following bond issuances:In groups of three or four:1. Identify the face value, coupon rate, and maturity of each bond issue.2. Discuss some of the
Select a bond from listings that appear daily in The Wall Street Journal, and summarize the information related to the bond you select. Include the following information in your summary:1. Contract
You hold a \(25 \%\) common stock interest in the family-owned business, a vending machine company. Your sister, who is the manager, has proposed an expansion of plant facilities at an expected cost
Moody's Investors Service maintains a Web site at http://www.Moodys.com. One of the services offered at this site is a listing of announcements of recent bond rating changes. Visit this site and read
Refer to the financial statements of Williams-Sonoma, Inc., given in Appendix E at the end of this book.1. How much interest expense did Williams-Sonoma record in 2003, 2004, and 2005?2. What is the
On February 13, Scandia Co. paid \(\$ 1,650\) to install a hydraulic lift and \(\$ 25\) for an air filter for one of its delivery trucks. Journalize the entries for the new lift and air filter
On August 30, Stop Shop Co. paid \(\$ 1,325\) to repair the transmission on one of its delivery vans. In addition, Stop Shop paid \(\$ 1,100\) to install a GPS system in its van. Journalize the
Equipment acquired at the beginning of the year at a cost of \(\$ 88,000\) has an estimated residual value of \(\$ 6,000\) and an estimated useful life of five years. Determine (a) the depreciable
A building acquired at the beginning of the year at a cost of \(\$ 316,000\) has an estimated residual value of \(\$ 48,000\) and an estimated useful life of 40 years. Determine (a) the depreciable
A tractor acquired at a cost of \(\$ 120,000\) has an estimated residual value of \(\$ 5,000\), has an estimated useful life of 50,000 hours, and was operated 4,200 hours during the year. Determine
A truck acquired at a cost of \(\$ 90,000\) has an estimated residual value of \(\$ 18,000\), has an estimated useful life of 200,000 miles, and was driven 40,000 miles during the year. Determine (a)
Equipment acquired at the beginning of the year at a cost of \(\$ 88,000\) has an estimated residual value of \(\$ 6,000\) and an estimated useful life of five years. Determine (a) the depreciable
A building acquired at the beginning of the year at a cost of \(\$ 316,000\) has an estimated residual value of \(\$ 48,000\) and an estimated useful life of 40 years. Determine (a) the depreciable
On the first day of the fiscal year, equipment with a list price of \(\$ 160,000\) was acquired in exchange for similar equipment and \(\$ 136,000\) cash. The old equipment had a cost of \(\$
On the first day of the fiscal year, a delivery truck with a list price of \(\$ 90,000\) was acquired in exchange for an old delivery truck and \(\$ 74,500\) cash. The old truck had a cost of \(\$
Butte Mining Co. acquired mineral rights for \(\$ 36,000,000\). The mineral deposit is estimated at \(75,000,000\) tons. During the current year, \(29,350,000\) tons were mined and sold.a. Determine
Rocky Mountain Mining Co. acquired mineral rights for \(\$ 88,000,000\). The mineral deposit is estimated at \(110,000,000\) tons. During the current year, \(33,800,000\) tons were mined and sold.a.
On December 31, it was estimated that goodwill of \(\$ 100,000\) was impaired. In addition, a patent with an estimated useful economic life of 12 years was acquired for \(\$ 450,000\) on June 1.a.
On December 31, it was estimated that goodwill of \(\$ 375,000\) was impaired. In addition, a patent with an estimated useful economic life of 10 years was acquired for \(\$ 600,000\) on October 1.a.
Serenity Ski Co. has developed a tract of land into a ski resort. The company has cut the trees, cleared and graded the land and hills, and constructed ski lifts. (a) Should the tree cutting, land
Load All Company made the following expenditures on one of its delivery trucks:objs. 4,5 Feb. 22. Replaced transmission at a cost of $2,300. Mar. 20. Paid $900 for installation of a hydraulic lift.
Armored Metal Co. reported \(\$ 975,600\) for equipment and \(\$ 600,000\) for accumulated depreciation-equipment on its balance sheet.Does this mean (a) that the replacement cost of the equipment is
Convert each of the following estimates of useful life to a straight-line depreciation rate, stated as a percentage, assuming that the residual value of the fixed asset is to be ignored:(a) 2 years,
A refrigerator used by a meat processor has a cost of \(\$ 198,500\), an estimated residual value of \(\$ 30,500\), and an estimated useful life of 15 years. What is the amount of the annual
A diesel-powered tractor with a cost of \(\$ 215,000\) and estimated residual value of \(\$ 27,000\) is expected to have a useful operating life of 80,000 hours. During October, the generator was
A John Deere tractor acquired on January 5 at a cost of \(\$ 44,800\) has an estimated useful life of 16 years. Assuming that it will have no residual value, determine the depreciation for each of
A storage tank acquired at the beginning of the fiscal year at a cost of \(\$ 86,000\) has an estimated residual value of \(\$ 10,000\) and an estimated useful life of eight years. Determine the
Equipment acquired on January 3, 2005, at a cost of \(\$ 360,000\), has an estimated useful life of 12 years, has an estimated residual value of \(\$ 30,000\), and is depreciated by the straightline
Assume the same facts as in Exercise 9-19, except that the book value of the press traded in is \(\$ 103,250\). (a) What is the amount of cash given? (b) What is the cost of the new press for
Rainbow Mining Co. acquired mineral rights for \(\$ 30,000,000\). The mineral deposit is estimated at \(75,000,000\) tons. During the current year, \(11,250,000\) tons were mined and sold.a.
List the errors you find in the following partial balance sheet:objs. 4,5 Total current assets. Planet Bronze Company Balance Sheet December 31, 2008 Assets $478,000 Replacement Cost Accumulated
The following table shows the revenue and average net fixed assets (in millions) for a recent fiscal year for Best Buy and Circuit City Stores, Inc.:a Compute the fixed asset turnover for each
Based on the data in Exercise 9-12, determine the depreciation for the John Deere tractor for each of the first two years, using the sum-of-the-years-digits depreciation method. Round to the nearest
Based on the data in Exercise 9-13, determine the depreciation for the storage tank for each of the first two years, using the sum-of-the-years-digits depreciation method. Round to the nearest
Based on the data in Exercise 9-14, determine the depreciation for the sandblasting equip- ment for each of the first two years, using the sum-of-the-years-digits depreciation method. Round to the
The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk.{Instructions}1.
New lithographic equipment, acquired at a cost of \(\$ 175,000\) at the beginning of a fiscal year, has an estimated useful life of five years and an estimated residual value of \(\$ 15,000\). The
The following transactions, adjusting entries, and closing entries were completed by Willow Run Furniture Co. during a three-year period. All are related to the use of delivery equipment. The
The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale apparel business. The receipts are identified by an asterisk.{Instructions}1.
E-Sharp Company purchased tool sharpening equipment on July 1,2006 , for \(\$ 97,200\). The equipment was expected to have a useful life of three years, or 22,800 operating hours, and a residual
The following transactions, adjusting entries, and closing entries were completed by Crown Furniture Co. during a three-year period. All are related to the use of delivery equipment. The
The following is an excerpt from a conversation between two employees of Resource Technologies, Haley Eubanks and Clay Hamon. Haley is the accounts payable clerk, and Clay is the cashier.How would
You are planning to acquire a delivery truck for use in your business for three years. In groups of three or four, explore a local dealer's purchase and leasing options for the truck. Summarize the
Go to the Internet and review the procedures for applying for a patent, a copyright, and a trademark. One Internet site that is useful for this purpose is idresearch.com, which is linked to the
The following table shows the revenues and average net fixed assets for a recent fiscal year for three different companies from three different industries: retailing, manufacturing, and
An employee's rate of pay is \(\$ 40\) per hour, with time and a half for all hours worked in excess of 40 during a week. The social security rate is \(6.0 \%\) on the first \(\$ 100,000\) of annual
Within limitations on the maximum earnings subject to the tax, employers do not incur an expense for which of the following payroll taxes?A. Social security tax B. Federal unemployment compensation
Does a discounted note payable provide credit without interest? Discuss.LO10
Employees are subject to taxes withheld from their paychecks.a. List the federal taxes withheld from most employee paychecks.b. Give the title of the accounts credited by amounts withheld.LO10
For each of the following payroll-related taxes, indicate whether there is a ceiling on the annual earnings subject to the tax: (a) federal income tax, (b) Medicare tax, (c) social security tax, (d)
Why are deductions from employees' earnings classified as liabilities for the employer?LO10
What are the principal reasons for using a special payroll checking account?LO10
In a payroll system, what types of input data are referred to as (a) constants and (b) variables?LO10
Explain how a payroll system that is properly designed and operated tends to ensure that (a) wages paid are based on hours actually worked and (b) payroll checks are not issued to fictitious
To match revenues and expenses properly, should the expense for employee vacation pay be recorded in the period during which the vacation privilege is earned or during the period in which the
Identify several factors that influence the future pension obligation of an employer under a defined benefit pension plan.LO10
When should the liability associated with a product warranty be recorded? Discuss.LO10
General Motors Corporation reported \(\$ 8.8\) billion of product warranties in the Current Liabilities section of a recent balance sheet. How would costs of repairing a defective product be
On September 1, Klondike Co. issued a 90-day note with a face amount of \(\$ 120,000\) to Arctic Apparel Co. for merchandise inventory.a. Determine the proceeds of the note, assuming the note carries
On February 1, Electronic Warehouse Co. issued a 30-day note with a face amount of \(\$ 50,000\) to Yamura Products Co. for cash.a. Determine the proceeds of the note, assuming the note carries an
Leah Wilson's weekly gross earnings for the present week were \(\$ 600\). Wilson has one exemption. Using the wage bracket withholding table in Exhibit 3 with a \(\$ 63\) standard withholding
Don Truett's weekly gross earnings for the week ending December 18 were \(\$ 1,680\), and his federal income tax withholding was \(\$ 298.51\). Prior to this week, Truett had earned \(\$ 99,000\) for
Leah Wilson's weekly gross earnings for the week ending September 5 were \(\$ 600\), and her federal income tax withholding was \(\$ 65.85\). Prior to this week, Wilson had earned \(\$ 21,500\) for
The payroll register of Lowry Landscaping Co. indicates \(\$ 1,260\) of social security withheld and \(\$ 315\) of Medicare tax withheld on total salaries of \(\$ 21,000\) for the period. Federal
The payroll register of Tri-State Construction Co. indicates \(\$ 25,650\) of social security withheld and \(\$ 6,750\) of Medicare tax withheld on total salaries of \(\$ 450,000\) for the period.
The payroll register of Lowry Landscaping Co. indicates \(\$ 1,260\) of social security withheld and \(\$ 315\) of Medicare tax withheld on total salaries of \(\$ 21,000\) for the period. Assume
The payroll register of Tri-State Construction Co. indicates \(\$ 25,650\) of social security withheld and \(\$ 6,750\) of Medicare tax withheld on total salaries of \(\$ 450,000\) for the period.
Kirby Company provides its employees with vacation benefits and a defined contribution pension plan. Employees earned vacation pay of \(\$ 17,500\) for the period. The pension plan requires a
Lyon Capital Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of \(\$ 52,300\) for the period. The pension formula calculated a
EZ Equipment Co. sold \(\$ 870,000\) of equipment during March under a one-year warranty. The cost to repair defects under the warranty is estimated at \(4.5 \%\) of the sales price. On October 4 , a
Tower Electronics sold \(\$ 480,000\) of consumer electronics during June under a nine-month warranty. The cost to repair defects under the warranty is estimated at \(5 \%\) of the sales price. On
Home Center Warehouse issues a 90 -day note for \(\$ 250,000\) to Gem Lighting Co. for merchandise inventory. Gem Lighting Co. discounts the note at \(5 \%\).a. Journalize Home Center Warehouse's
A borrower has two alternatives for a loan: (1) issue a \(\$ 120,000,90\)-day, \(6 \%\) note or (2) issue a \(\$ 120,000,90\)-day note that the creditor discounts at \(6 \%\).a. Calculate the amount
A business issued a 60 -day, \(7 \%\) note for \(\$ 15,000\) to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity,
A business issued a 90 -day note for \(\$ 80,000\) to a creditor on account. The note was discounted at \(8 \%\). Journalize the entries to record (a) the issuance of the note and (b) the payment of
On June 30, Mystic Mountain Game Company purchased land for \(\$ 250,000\) and a building for \(\$ 690,000\), paying \(\$ 240,000\) cash and issuing an \(8 \%\) note for the balance, secured by a
WD-40 Company, the manufacturer and marketer of WD- \(40^{\circledR}\) lubricant, reported the following information about its long-term debt in the notes to a recent financial statement:a. How much
According to a summary of the payroll of Glitz Publishing Co., \(\$ 350,000\) was subject to the \(6.0 \%\) social security tax and \(\$ 420,000\) was subject to the \(1.5 \%\) Medicare tax. Also,
The payroll register for Hillsdale Company for the week ended December 14 indicated the following:In addition, federal and state unemployment taxes were calculated at the rate of \(0.8 \%\) and \(5.2
Dowling Company had gross wages of \(\$ 356,000\) during the week ended December 6 . The amount of wages subject to social security tax was \(\$ 285,000\), while the amount of wages subject to
The fiscal year for Super Sale Stores Co. ends on June 30. In addition, the company computes and reports payroll taxes on a fiscal-year basis. Thus, it applies social security and FUTA maximum
A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current year's vacation pay is \(\$ 54,960\).
In a recent year's financial statements, Procter \& Gamble showed an unfunded pension liability of \(\$ 2,096\) million and a periodic pension cost of \(\$ 268\) million.Explain the meaning of the
Ford Motor Company disclosed estimated product warranty payable for comparative years as follows:Ford's sales were \(\$ 147,128\) million in 2004 and increased to \(\$ 153,503\) million in 2005 .
Urban-Wear Clothes Co. had the following current assets and liabilities for two comparative years:a. Determine the quick ratio for December 31, 2008 and 2007.b. Interpret the change in the quick
The current assets and current liabilities for Apple Computer, Inc., and Dell Inc. are shown as follows at the end of a recent fiscal period:a. Determine the quick ratio for both companies.b.
The following items were selected from among the transactions completed by Sounds and Sight Stores during the current year:{Instructions}1. Journalize the transactions.2. Journalize the adjusting
The following information about the payroll for the week ended December 30 was obtained from the records of Greenfield Co.:{Instructions}1. Assuming that the payroll for the last week of the year is
The following data for Iris Publishing Co. relate to the payroll for the week ended December 7, 2008:Employees \(\mathrm{F}\) and \(\mathrm{H}\) are office staff, and all of the other employees are
The following accounts, with the balances indicated, appear in the ledger of Yosemite Outdoor Equipment Company on December 1 of the current year:{Instructions}1. Journalize the transactions.2.
The following items were selected from among the transactions completed by Silver Mountain Stores Co. during the current year:{Instructions}1. Journalize the transactions.2. Journalize the adjusting
The following information about the payroll for the week ended December 30 was obtained from the records of Plumb Line Supply Co.:{Instructions}1. Assuming that the payroll for the last week of the
The following data for Center Pointe Co. relate to the payroll for the week ended December 7,2008 :Employees \(\mathrm{N}\) and \(\mathrm{R}\) are office staff, and all of the other employees are
The following accounts, with the balances indicated, appear in the ledger of Bonnie's Gifts Co. on December 1 of the current year:14. Issued Check No. 738 in payment of the net amount of the biweekly
Selected transactions completed by Hirata Company during its first fiscal year ending December 31 were as follows:pension plan trustee.{Instructions}1. Journalize the selected transactions.2. Based
\footnotetext{Connor Lang was discussing summer employment with Jarrod McIntyre, president of Azalea Landscaping Service:}a. Why does Jarrod McIntyre want to conduct business transactions using cash

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